亚洲工业技术：晴雨表（2026年4月/5月）

Asian Industrial Tech: The Barometer (April/May 2026) In April and May, China FA continued to grow at near-peak rate. In the RoW, the recoveryfurther accelerated. Readers can download the complete barometer data set here: GlobalIndustrial Barometer. Jay Huang, Ph.D.+852 2123 2631jay.huang@bernsteinsg.com We highlight three datasets for China: 1) In May, the official manufacturing PMI and thePMI for production remained in expansion levels at 50.0 (was 50.3, Exhibit 2), 51.2 (was51.5); PMI for new orders slightly declined to 49.9 (was 50.6, Exhibit 4). More relevant tofactory automation, PMI for high-tech manufacturing and equipment manufacturing furtherexpanded to 52.9 (was 52.2) and 52.1 (was 51.8). 2) In April, Japan’s machine tool ordersfrom China continued to grow strongly YoY (+33.2% YoY in April vs. +27.2% YoY in March,excluding FX effects, Exhibit 17), and the strength remains broad-based (Exhibit 18). The“twin peaks” pattern, similar to previous cycles, is forming. 3) In April, industrial profitsgrowth further accelerated, reaching 24.7% YoY (Exhibit 7), driven by accelerated revenuegrowth and improved operating margin. In 4M26, the manufacturing sector, particularlythe high-end manufacturing segment, outperformed the overall industrial sector, growing20.4% YoY and 44.8% YoY, respectively. Weibin Liang, Ph.D.+852 2123 2666weibin.liang@bernsteinsg.com Dien Wang, Ph.D.+852 2123 2622dien.wang@bernsteinsg.com Global: 1) In April, Japan’s machine tool orders grew 45.1% YoY and declined slightlyby 2.3% MoM (Exhibit 37). Excluding FX effects, growth in North America temporarilywas16.2% YoY (48.3% YoY in March), partly due to a high base. Growth in both Europe(+35.6% YoY vs. +21.9% YoY in March) and Japan (+43.4% YoY vs. +2.5% YoY in March,Exhibit 38) further accelerated. 2) In May, the manufacturing PMI in all major economiesremained in the expansion range (US. 55.3; Eurozone 51.4; Japan 54.5; Exhibit 34 to Exhibit36). 3) In April, Japan’s robot exports volume continued its strong momentum, growing40.7% YoY (+31.7% YoY in March, Exhibit 45). Despite a temporary decline in the U.S.(-5.8% YoY) due to a high base, growth in both China (+32.8% YoY vs. +25.6% YoY inMarch) and Europe (+68.3% YoY vs. +35.3% YoY in March) continued to accelerate. InMarch, the overall Japan robot order maintained strong momentum (+23% YoY and +10%MoM). We think it is driven by both a cyclical upturn and accelerated adoption enabled byPhysical AI (see here). DETAILS CHINA Note: The EPMI includes 280 sample companies in seven industries including energy conservation and environmental protection, new generation informationtechnology, biotechnology, high-end equipment manufacturing, new energy, new materials, and new energy automobile industry. The EPMI survey is a monthlysurvey, which is greatly affected by seasonal factors and has large data fluctuations. The comprehensive index and sub-indices of EPMI currently released areseasonally adjusted data. Source: National Bureau of Statistics (NBS), Haver, Bernstein analysis EXHIBIT 10:FAI in manufacturing, auto, and electronics Equipment sales and production EXHIBIT 16:China factory automation shipment value growth trend by product (YoY) Note: The published year-to-year percent changes of the monthly YTD volumeseries are not always the same as the calculated year-to-year percent changesbecause the monthly YTD volume data come from enterprises that are not thesame from year to year whereas the published growth rates are calculated fromenterprises that are the same from year to year.Source: Haver, Bernstein analysis. Note: The published year-to-year percent changes of the monthly YTD volumeseries are not always the same as the calculated year-to-year percent changesbecause the monthly YTD volume data come from enterprises that are not thesame from year to year whereas the published growth rates are calculated fromenterprises that are the same from year to year.Source: Haver, Bernstein analysis EXHIBIT 22:Metal-cutting Machine Tool: Industrialoutput YTD growth Note: The published year-to-year percent changes of the monthly YTD volumeseries are not always the same as the calculated year-to-year percent changesbecause the monthly YTD volume data come from enterprises that are not thesame from year to year whereas the published growth rates are calculated fromenterprises that are the same from year to year.Source: Haver, Bernstein analysis. Note: The published year-to-year percent changes of the monthly YTD volumeseries are not always the same as the calculated year-to-year percent changesbecause the monthly YTD volume data come from enterprises that are not thesame from year to year whereas the published growth rates are calculated fromenterprises that are the same from year to year.Source: Haver, Bernstein analysis. EXHIBIT 25:Cement Producing Equipment: Industrialoutput YTD growth Note: The published year-to-year percent changes of the monthly YTD volumeseries are not alwa